S&PGR Raises Ukraine FC Rating To 'CCC+' After Debt Restructuring
19 August 2022 - 10:11PM
Dow Jones News
By Stephen Nakrosis
S&P Global Ratings said Friday it has raised Ukraine's long-
and short-term foreign currency sovereign credit ratings after the
country completed a distressed debt restructuring.
S&P had the ratings at 'SD', or selective default, while the
agreement was being negotiated. On Friday, the agency said it
raised the ratings to 'CCC+/C'.
Ukraine restructured the equivalent of $22.6 billion in
sovereign Eurobonds and about $1.5 billion of state-guaranteed
Eurobonds, S&P said. The country "received consent from the
required majority of bondholders to postpone interest and principal
payments on the debt for 24 months," according to S&P.
S&P also said it has a stable outlook on Ukraine, reflecting
its view of the reduction in the nation's debt service requirements
and expectations of steady international financial support against
risks to the nation's "economy, external balances, public finances,
and financial stability stemming from the ongoing war."
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
August 19, 2022 16:56 ET (20:56 GMT)
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